Are we watching a temporary slowdown, or the moment the IT services model quietly stopped scaling the way it used to?

Okay so everyone is posting about the bloodbath in NIFTY IT,  with Tata Consultancy Services, Infosys, and HCL Technologies all down, and the usual reasons like US slowdown, weak guidance, and FII selling are being repeated, but none of that fully explains the deeper shift that seems to be unfolding underneath.

Indian IT scaled for decades on a simple model of breaking problems into repeatable steps and deploying large teams to execute them reliably, but agentic AI starts to break the link between execution and headcount because AI agents can already handle L1 and L2 support autonomously at near zero marginal cost, multi agent setups are replacing parts of QA, and code generation along with review agents are shrinking development cycles, and this is no longer theoretical when Salil Parekh openly talks about people working alongside software agents to improve client economics.
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The real shift is that developers who use AI effectively will outperform others by a large margin, which is already visible as companies like TCS reduce roles that cannot be redeployed while training a significant portion of their workforce in AI skills, and at the same time demand is moving toward tools like LangChain and CrewAI with a sharp rise in related roles, so this looks less like a temporary correction and more like a reset where the market is questioning a manpower driven model and moving toward systems that rely less on people for repetitive execution, and if that is true then what exactly is Nifty IT pricing right now.